The Stellar cryptocurrency project investment arm has launched its first corporate offering for a security token platform that will provide emerging economies with access to traditional assets and cryptocurrencies.
The Stellar Development Foundation (SDF) announced on Wednesday that it has invested $ 715,000 in Lumen tokens (XLM) in DSTOQ, a security token platform that gives traders access to global markets through their smartphones enables.
Foundation CEO and Executive Director Denelle Dixon said DSTOQ’s goals clearly align with Stellar’s goal of making financial services more accessible. “It is deeply in line with our mission to create equal access to the global financial system,” she said in a video on Twitter.
This is the first investment SDF has made from its corporate fund, which was created in September to support projects that contribute to the wider Stellar ecosystem. Liechtenstein-based DSTOQ already uses the Stellar protocol to create security tokens that users can buy and sell peer-to-peer.
In a statement, Craig Mc Gregor, CEO and Co-Founder of DSTOQ, described the SDF investment as a “vote of confidence” in its vision of using blockchain technology to develop new financial products and improve access to global markets.
DSTOQ builds on the blockchain and says it can tokenize blue chip stocks like Apple or Google stocks and make them available to investors regardless of their location in the world. The company selected Stellar in October 2018 and said its consensus algorithm made the protocol secure against 51 percent attacks.
DSTOQ plans to use the SDF investment to develop new technologies and fund the platform’s expansion into the Vietnamese and South African markets.
UPDATE (February 27, 3:10 PM UTC): An earlier version of this article stated that DSTOQ uses the Stellar protocol to create and trade security tokens. This has since been corrected.